A bit more than a week ago Tezos (XTZ) broke off a long journey of sideways trading, leading to an impressive gain of almost 50% in the last three days after a strong bullish move — touching $0.74 on Bitfinex. This move was unexpected by most, given XTZ’s prior trend, however, a lack of volume right now suggests this move could market manipulation, with a single entity or group acting to push up the price.
The RSI is also extremely overextended at this point sitting at 83 points, strongly suggesting a need for consolidation. The last support stands at $0.39 which is a long way down, hence we urge caution if jumping into this market.
It’s hard to say what’s next for XTZ. As mentioned before, strong bull moves must be supported by strong volume, however considering the magnitude of the move and the fact that XTZ broke its weekly resistance to change the trend, we could see XTZ making more gains in the near future. For the short term, the 12 and 26 Day Exponential Moving Averages (EMAs) will probably act as support on the daily chart, preventing too much of a crash.
Even though the lack of volume can be concerning, Tezos developers have announced some great news recently, and also gathered more than 25,000 votes from the community, demonstrating significant support.
We are thrilled to announce that we have issued an additional grant to @mytezosbaker to support the development of more advanced features to its curation site of #Tezos delegation services! https://t.co/ABYNRgUGG1
— Tezos Foundation (@TezosFoundation) March 20, 2019
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